External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Shriram Pistons & Rings Ltd / Equity Bottom-Up

<ul><li>Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high precision injection molds and components, at an EV of Rs2.2bn on a debt-free, cash-free basis (expected to close by end Dec-24; press release).</li><li>We believe the acquisition, though small (~4% of SPRL sales), is important strategically. 1) It will represent another step in diversifying away from engine parts (non-engine revenue contribution may rise to ~15% on pro forma basis vs ~11% pre-TGPEL).</li><li>2) It will provide another play on a high-growth area, benefiting from the light-weighting trend, with ~4% EPS accretion in FY26E (not built-in). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high precision injection molds and components, at an EV of Rs2.2bn on a debt-free, cash-free basis (expected to close by end Dec-24; press release).We believe the acquisition, though small (~4% of SPRL sales), is important strategically. 1) It will represent another step in diversifying away from engine parts (non-engine revenue contribution may rise to ~15% on pro forma basis vs ~11% pre-TGPEL).2) It will provide another play on a high-growth area, benefiting from the light-weighting trend, with ~4% EPS accretion in FY26E (not built-in). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shriram Pistons & Rings - Accelerates Foray into Non-Engine Parts with TGPEL Acquisition

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Shriram Pistons & Rings Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shriram-pistons-rings-ltd" target="_blank" data-smartkarma-citation="entities:44009:1" rel="noopener">Shriram Pistons &amp; Rings Ltd (SPRL IN)</a> is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. </li>
<li>On an overall scheme of things, balance sheet and forensics look good and healthy. </li>
<li>However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.</li>
</ul>



Shriram Pistons &amp; Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
On an overall scheme of things, balance sheet and forensics look good and healthy. 
However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.


Shriram Pistons and Rings Ltd- Forensic Analysis

India

Shriram Pistons and Rigs Limited develops, manufactures, and sells industrial machinery parts. The Company offers diesel and gasoline pistons, pins, rings, and engine valves. Shriram Pistons & Rings markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shriram Pistons & Rings Ltd (SPRL IN)

Shriram Pistons & Rings - Accelerates Foray into Non-Engine Parts with TGPEL Acquisition

Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high...

Emkay

Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shriram Pistons & Rings - Accelerates Foray into Non-Engine Parts with TGPEL Acquisition

Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high...

Emkay

Shriram Pistons and Rings Ltd- Forensic Analysis

​Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions